Tax Information

Mutual Funds

Developing World Fund

The Thornburg Developing World Fund, (the "Fund") did not declare capital gain dividends during 2017.

For the 2017 calendar year, 100.00% of the dividends paid from tax basis ordinary income (box 1a of Form 1099-DIV) qualify as
qualified dividend income ("QDI") (box 1b of Form 1099-DIV) for the reduced tax rate under the American Taxpayers Relief Act of
2012.

6.01% of the ordinary income dividends paid by the Fund for 2017 (box 1a of Form 1099-DIV) qualify for the corporate dividends
received deduction.

Foreign Taxes:

For the 2017 calendar year, the Fund has elected to pass-through its foreign withholding taxes to its shareholders. Your amount
of foreign withholding taxes incurred by the Fund has been reported to you in box 6 on your Form 1099-DIV. Box 6 reports foreign
income taxes paid on income derived from Fund investments in foreign securities. Federal tax rules generally permit U.S.
taxpayers to either deduct or take a credit against their U.S. income tax liability.

For the 2017 calendar year, 92.23% of the dividends paid from tax basis ordinary income (box 1a of Form 1099-DIV) is deemed
to be foreign source income. The receipt of QDI may result in special rules in determining a taxpayer’s foreign tax credit limitation,
as prescribed in Section 904 of the Internal Revenue Code.

Tax rules are complex. Please consult your tax advisor.

Important InformationBefore investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature center. Read them carefully before investing.

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Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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This area of our web site is only directed at non-U.S., institutional and professional investors and is not suitable for individual investors.

The information regarding funds for non-U.S. investors is for informational purposes only, does not constitute an offer for shares, products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence.

This site is operated by Thornburg Investment Management, Inc. on behalf of Thornburg Investment Management Ltd. and Thornburg Global Investment plc. Before continuing, please read the following important information and if you continue on, you confirm that you have read and agree to these provisions. Thornburg Global Investment plc is authorised under the UCITS Regulations and provides shares in UCITS registered Funds for non-U.S. investors. The Funds of the Company are registered in Ireland and are available only to residents of those jurisdictions where allowed by applicable law. Purchase orders from U.S. persons or other ineligible investors will not be accepted by the Fund’s Administrator.

Thornburg Investment Management Ltd. is an Appointed Representative of Robert Quinn Advisory LLP, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (no. 548030). Thornburg Investment Management Ltd. manages Thornburg's international business development and relationship management activities. Registered in England and Wales no. OC385286.

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